Parent and Child components

We are looking in to using Parent & Child components for our Fixed Assets.

We currently have FA running in financials and would like to see if there is a way of splitting an asset into parent and child components without losing any history. 

On searching, it doesn’t seem possible without retiring the original asset then adding them back in as multiple assets.

Has anyone else come across this issue and have any suggestions on how to tackle this?

Thanks in advance